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Irrespective of the fact your business is a startup or a big conglomerate, there are immense business opportunities waiting to be exploited in Canada because of its welcoming attitude towards foreign entrepreneurs. This article briefly explains a few of the key requirements to do Business In Canada, especially for the foreign entrepreneurs who wish to expand their business horizons in the North American market.
Following are the four prominent ways foreigners can adopt to start a business in Canada:
The requirements to start a business in Canada are:
It must be remembered that the business plan should not be such that it generates profits for the owners and partners alone. Rather the business should have a long term vision of expansion which generates employment and contribute to the Canadian economy. It should involve the day-to-day involvement of the promoters. The business idea should not be of a nature of “passive investment” such as investment in Real Estate.
It is advised that the promoters should refrain from investing their entire savings in their business since every business is fraught with substantial risks, especially when it enters a foreign jurisdiction. Having sufficient funds helps to keep the business in challenging times.
From the above discussion, it can be concluded that any foreign national can start a business in Canada and subsequently relocate in Canada. Primarily, the foreign entrepreneur who wishes to do business in Canada needs to have a robust, economically feasible and commercially viable business plan along with the entrepreneur’s prowess to successfully execute the business plan. This increases their possibility to do business and relocate in Canada.
Read Our Article: What are the Advantages of Company Registration in Canada?
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